Nasdaq Higher Again as Volatility Sinks

Stocks are searching for direction yet again

Aug 9, 2018 at 11:51 AM
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The U.S. stock market is fairly quiet today, with the Dow Jones Industrial Average (DJI) down just 54 points at midday. This just continues the trend all week across Wall Street, as trade uncertainty and a lack of market-moving headlines keep stocks range-bound. All the same, the Nasdaq Composite (IXIC) is still set to extend its win streak, while the Cboe Volatility Index (VIX) keeps sinking to multi-month lows.

Continue reading for more on today's market, including:

  • The medical device stock burning short sellers.
  • 2 chip stocks knocked down by Morgan Stanley.
  • Plus, Spotify call volume pops; Yelp stock's huge surge; and a major winner from the software sector.

midday market stats august 9

One name seeing notable options trading today is Spotify Technology (NYSE:SPOT), with some call traders potentially betting on a return to all-time highs for the shares. Specifically, new positions are being opened at the August 185 and 190 calls. SPOT stock peeked its head above $190 late last month, culminating in a record high of $198.99 -- but more recently has found support from the 50-day moving average, last seen up 2.3% at $182.88.

spotify stock chart

One of the best stocks on the New York Stock Exchange (NYSE) today is Yelp Inc (NYSE:YELP), thanks to well-received earnings. The stock has jumped 28.1% to trade at $48.88, on pace for its highest close in three years. Meanwhile, in the options pits, there's heavy opening activity at the August 49 call.

Another big winner today is software stock Alteryx Inc (NYSE:AYX), up 16.5% today after the company's second-quarter results and full-year outlook topped expectations. We last checked in on AYX stock back in November when it was trading just above $25, and it's since more than doubled, last seen at $55.68.

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